Ethereum [ETH] surged 60% in July, marking one of the strongest monthly performances in recent times. This increase benefited from massive fund inflows into ETFs and a significant rise in retail profitability.
In just two weeks, over 1 million ETH has been withdrawn from centralized exchanges - this clearly indicates that long-term holders are taking control.
The rapid growth in July changed the investor profile of ETH.
Ethereum's surge has propelled its market capitalization to the top tier of crypto assets. Official data shows that the net flow of ETFs exceeded 1.6 million ETH in July.
Meanwhile, retail investors are starting to lock in profits, paving the way for stronger investors to accumulate funds.
In fact, over 1 million ETH has been withdrawn from exchanges in just the past two weeks; this is a strong long-term sentiment indicator as traders anticipate a decisive bottom breakout.
As the market structure gradually stabilizes, whales are becoming active.
With the rise of ETH, the number of trades exceeding 1 million dollars has reached a new high in weeks, indicating interest from high net worth investors.
The increase in whale holdings coincides with over 1 million ETH being withdrawn from exchanges, which helps to prove its credibility.
Meanwhile, according to data from Coinalyze, the open interest in ETH futures hovers around $22.4 billion, while the funding rate remains stable at around 0.0049.
These indicators reflect a healthy leverage setup - neither excessive nor empty - indicating that the market is preparing for decisive action, waiting for a catalyst for a breakthrough.
Momentum has slowed, but ETH remains stable.
Ethereum's recent pullback has slowed, and as of the time of writing, the price is attempting to stabilize above $3,450.
The RSI is at 52.41, in the neutral zone. The MACD shows a bearish crossover, but the declining red bars in the histogram indicate that selling pressure is easing.
Although ETH's momentum has cooled since the rebound in July, the asset has yet to break through key support levels.
If buyers regain strength, this consolidation phase could become a launching pad, especially as broader market sentiment and on-chain signals remain tilted towards the positive.
